Remortage without being on the Deeds

lillys_mom

Hi, was looking fot some help please.
A bit of history before i ask my question.
My partners dad died in 2008 and left him the family home. We got together in 2011 and have since lived together in this house and have now got a 5 year old and a 7 month old together. After all this he hasnt bothered putting a ring on it, yet! lol. (we are unmarried) The house was in a state of dis-repair and in urgent need of modernisation. We have done our best over the years to make to house nice to live in, but now we are at a point that major things need to be done to the house (it needs everything, new windows and doors, new bathrooms, new kitchen ect.. we are also thinking of converting the garage which is only used as a dumping ground into a bedroom to add value to our 3 bed house making it 4 bed) Anyway, to do all this we need to release money in the house - remortage (we are mortage free atm). New im back at work soon after maternity and my other have will take a year -1.5 years off if work for child care. My other half works self employed and i am full time employed. So my question is how do we go about Remortaging the house for me to pay the loan back if i am not on the deeds?? My other half also has very little credit score from being in and out of self employed work for the past 5 years due to him being the "househusband" whilst im in full time garunteed work. Im sure i will beable to be the main person on the loan, with a good credit score, but how can i loan against HIS house with me not being named or married to him?? will i need to go onto the deeds?? or will a joint application be enough?? any help or info would be greatly appreciated!! Thanks.

foxy-stoat

He can add you to the Deeds by using a form from the Land registry - he will need to take some legal advice and may have to pay stamp duty. You both should set out a Deed of Trust as well with regards to moral equity split - either 50/50 or whatever should the worst happen. Obviously if you were to marry in the future this would be less relevant.

You can then release equity from the property if you pass affordability tests.

lillys_mom

Thanks for that. we should do a deeds of trust. Although ive always said that if we split i wouldnt want anything from the house as its my kids inheritence at the end of the day. Although i have voiced my concerns to him about what would happen if he died! But typical bloke, dosnt want to talk about that! lol.
Thanks fot the info, ill look into adding me to the deeds.

Land_Registry

I'm assuming the house is registered in your partner's sole name. It may sound daft but people can inherit and not register their inheritance by transferring the property.

If so and you want to mortgage it in your name you'll need to be the legal owner and our online guidance explains how the property can be transferred by your partner

But the key factor here seems to be what type if mortgage you can get and how you want things to work both re the mortgage and your joint interests in the property. That's the bit you need to agree upon first and that will help decide what you need to do both re the legal ownership which we register and the trust element you mention.

As the lender will insist on you using a conveyancer the wider issues can all be civered and explained by them

Mortgage_Adviser

There may be a benefit for OP to stay off the house deeds as she is not married. This could save her money on a stamp duty as she will be classed as a first time buyer if she decides to buy property in her own name.

There are a few lenders that would allow you to be on a mortgage but not on the deeds.